Eminence Minerals Starts 2,000m Drilling, Raises A$2.53M, Hamersley Court Decision Pending

Drilling Program Underway at Campo Grande Rare Earth Project

Eminence Minerals Limited (ASX:EMA) has launched a substantial drilling campaign at its Campo Grande Rare Earth Project in Bahia, Brazil, targeting high-yield saprolite clay mineral systems across three priority corridors. The company awarded a contract to Brazilian drilling firm Eco Sondagem for up to 2,000 metres of auger drilling, with up to 72 holes planned to test ionic clay and lateritic rare earth element (REE) targets. Exploration is supported by an expanded in-country technical team and a strategic assessment conducted by GE21 Consultoria Mineral.

The project sits adjacent to Brazilian Rare Earths (ASX:BRE), which recently reported drilling grades up to 45.7% total rare earth oxides (TREO). Eminence’s own reconnaissance sampling has yielded surface results reaching 17,346 ppm TREO with 20% medium rare earth oxides (MREO), underscoring the area’s prospectivity. Additional regional scout drilling and surface sampling programs are underway to refine target prioritisation across the broader tenement package.

Hamersley Iron Ore Judicial Review Decision Awaited

Meanwhile, Eminence continues to await a decision from the Supreme Court of Western Australia following the completion of a judicial review hearing concerning its Hamersley Iron Ore Project. The review challenges the Aboriginal Cultural Heritage Committee’s refusal of consent for an infill drilling program, which the company argues was unreasonable and procedurally unfair. The project contains an inferred mineral resource of 108.5 million tonnes at 58% iron and represents a significant opportunity in the Pilbara region.

The timing of the court’s decision remains uncertain, with no indication provided despite a practice direction aiming for rulings within three months of hearings. Eminence has flagged that, depending on the outcome, it may pursue further action through the State Administrative Tribunal.

Capital Raising and Portfolio Streamlining

On the corporate front, Eminence secured firm commitments to raise A$2.53 million before costs through a placement of over 56 million shares at A$0.045 each, including approximately A$280,000 from directors and management, subject to shareholder approval. The placement is being executed in two tranches, with approvals to be sought at a forthcoming general meeting. This capital injection is intended to underpin ongoing exploration and strategic growth initiatives.

Subsequent to the quarter’s end, the company completed the divestment of its Mata da Corda Project for US$2 million in cash, realising value from a non-core asset and streamlining its project portfolio. Combined with the placement proceeds, Eminence’s pro forma cash balance has increased to approximately A$5.4 million, providing non-dilutive funding to advance core assets.

Leadership Appointment and Strategic Outlook

Eminence also announced the appointment of Jay Stephenson as Chief Financial Officer and Company Secretary, effective 1 August 2026. Stephenson brings over 35 years of experience in corporate governance and business development across multiple sectors and jurisdictions, enhancing the company’s operational management as it pursues its growth strategy.

The company continues to actively evaluate strategic opportunities to complement its existing assets, though no new acquisitions have been confirmed. Exploration expenditure for the quarter was $202,000, with a cash balance of $1.285 million at 30 June 2026.